The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – MONEYVAL

General Information

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – MONEYVAL, established in 1997, is a permanent monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation, as well as with the task of making recommendations to national authorities in respect of necessary improvements to their systems.

Established in 1997, MONEYVAL's main goal is to ensure that member states develop effective systems to combat money laundering and terrorist financing and meet relevant international standards in this area. MONEYVAL has 48 permanent and 2 temporary members.

Mission

MONEYVAL reviews the activities of non-FATF member states of the Council of Europe (and candidate countries that have applied for membership in the Council of Europe) on the AML / CFT. MONEYVAL assesses the compliance of its members with relevant international standards in the legal, financial and law enforcement sectors through mutual assessments. These assessment reports include relevant recommendations for improvement of the effectiveness of AML / CFT regime and reflect opportunities for international cooperation.

MONEYVAL also conducts typologies study of money laundering and terrorist financing methods and trends.

Cooperation with Azerbaijan

Azerbaijan has been a member of the Council of Europe since 2001. Following this, in 2002 Azerbaijan became a member of MONEYVAL.

The first MONEYVAL evaluation report on the current situation in the area of AML / CFT in Azerbaijan was adopted in 2004. Later, in 2008, MONEYVAL conducted the second evaluation of AML/CFT system of Azerbaijan. These assessment reports provide a summary of the AML/CFT measures in place in Azerbaijan and make necessary recommendations for the establishment of a strong and effective AML/CFT system in Azerbaijan. These series of recommendations were considered and incorporated into the legislative reforms aimed at strengthening the AML / CFT system in the country.

The fourth round of MONEYVAL assessment was conducted in Azerbaijan in 2014.

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